23andMe Holding Co., a prominent player in the genetics and biotechnology sector, has announced its plan to voluntarily delist its shares from Nasdaq. The company intends to submit a Form 25 Notification of Delisting to the Securities and Exchange Commission (SEC) around June 6, 2025, following the suspension of its Class A common stock on March 31, 2025. This move comes as the company, along with some subsidiaries, has initiated voluntary Chapter 11 bankruptcy proceedings.
By opting for a voluntary delisting, 23andMe will be able to file a Form 15 to deregister its shares with the SEC. This is part of its restructuring process that aims to stabilize its operations amid the ongoing bankruptcy case. Earlier this year, the company disclosed its challenges, including the sale of its assets to Regeneron Pharmaceuticals under Section 363 of the Bankruptcy Code, which highlights the ongoing efforts to navigate through these financial difficulties.
The transition represents a significant restructuring phase for 23andMe, which has historically focused on empowering consumers through genetic insights and consumer healthcare.
As the company navigates this challenging time, there remains a belief in the potential for successful reorganization and future growth, particularly as they focus on innovating within the consumer health landscape. The company’s commitment to using genetics to foster better health outcomes underscores a vision of hope for the future of personal healthcare.